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Questions and Answers
Who will now be considered a beneficial owner under the tightened definition?
Who will now be considered a beneficial owner under the tightened definition?
- Any individual or group holding 15% ownership
- Any individual or group holding 10% ownership (correct)
- Any individual or group holding 5% ownership
- Any individual or group holding 20% ownership
Which entities are considered 'reporting entities' under the anti-money laundering law?
Which entities are considered 'reporting entities' under the anti-money laundering law?
- Banks, financial institutions, real estate firms, and jewelry sectors (correct)
- Banks, financial institutions, real estate firms, and casinos
- Banks, financial institutions, and non-profit organizations
- Banks, financial institutions, and cryptocurrency firms
What additional requirement has been prescribed for due diligence under the amended rules?
What additional requirement has been prescribed for due diligence under the amended rules?
- Disclosure of beneficial owners only for non-profit organizations
- Disclosure of beneficial owners for real estate firms only
- Disclosure of beneficial owners for all types of clients
- Disclosure of beneficial owners beyond current KYC norms (correct)
Where are reporting entities required to register details of non-profit organizations?
Where are reporting entities required to register details of non-profit organizations?
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What does the amendment define in relation to Politically Exposed Persons (PEPs)?
What does the amendment define in relation to Politically Exposed Persons (PEPs)?
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